Home Fee Cost Plus Contract With Construction Company In North Carolina
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Description
The Home fee cost plus contract with construction company in North Carolina is a detailed agreement that outlines the responsibilities and expectations between a contractor and an owner during the construction of a residential project. It specifies the scope of work, the work site, and the owner's obligations regarding permits and soil conditions. A key feature of this contract is the 'cost plus' payment structure, where the owner agrees to cover actual materials costs plus an additional fee for the contractor's services. It also addresses changes to the project's scope through written change orders, late payment penalties, and a limited warranty on workmanship. The contract is particularly useful for attorneys, partners, and owners as it helps in mitigating disputes by clarifying expectations and responsibilities. Paralegals and legal assistants will find the form valuable for understanding construction contract principles and ensuring compliance with local regulations. Furthermore, this document serves as a reliable tool to promote transparency and accountability, benefiting individuals with varying levels of legal knowledge.
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FAQ
NC general contractor license limits LicenseWorking capital needed to avoid a bondProject limit Limited $17,000 $750,000 Intermediate $75,000 $1.5 million Unlimited $150,000 Unlimited
Anything below $40,000 as of October 1st, 2023, is fine. You don't have to have a general contractor license in the state of North Carolina to do any sort of work that would be qualified as a general contracting type job.
North Carolina's retainage limits and deadlines On private projects within the state, retainage will be governed by the terms of the contract. Retainage on such public projects is capped at 5% of each progress payment. Upon 50% completion, retainage must no longer be withheld unless the job progress is unsatisfactory.
